UPDATE: Jefferies Raises PT to $58 on Home Depot, Maintains Hold on Soft Outlook
Jefferies reiterated its Hold rating on Home Depot (NYSE: HD) but raised its price target from $56 to $58.
Jefferies commented, "Management's commentary on housing trends was as confident as any we've heard from this team during this up-cycle. The market is also expecting continued improvement as it bakes in higher-than-consensus earnings next year, and while we too see a path to higher numbers, leading indicators signal some choppiness ahead. That said, the risk of near-term sales softness is mitigated by spending around Hurricane Sandy."
Home Depot closed at $63.38 on Tuesday.
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